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Fannie Mae asks Treasury for aid Fannie Mae asks Treasury for aid
(30 minutes later)
US mortgage finance firm Fannie Mae has asked the Treasury for another $19bn (£12.6bn), as it announced a loss for the first three months of 2009.US mortgage finance firm Fannie Mae has asked the Treasury for another $19bn (£12.6bn), as it announced a loss for the first three months of 2009.
Fannie Mae has requested the money from a $200bn government fund set up for it and fellow mortgage giant Freddie Mac. It withdrew $15.2bn in April. It is the second time that Fannie Mae has requested government aid in recent months. It received $15.2bn in March.
The Treasury has made available funds of $200bn each to Fannie Mae and fellow mortgage giant Freddie Mac.
Fannie Mae reported a loss of $23.2bn, but it was smaller than the $25.2bn loss it made in the previous quarter.Fannie Mae reported a loss of $23.2bn, but it was smaller than the $25.2bn loss it made in the previous quarter.
The firm said the loss was driven by credit-related expenses of $20.9bn.The firm said the loss was driven by credit-related expenses of $20.9bn.
It also took a $5.7bn loss on mortgage securities.
"Persistent deterioration in housing, mortgage, financial and credit markets continued to adversely affect our financial results," the company said."Persistent deterioration in housing, mortgage, financial and credit markets continued to adversely affect our financial results," the company said.
Fannie Mae and Freddie Mac buy mortgages from approved lenders then sell them to investors. Together they underwrite more than half of all US mortgages.
Freddie asked the Treasury for another $31bn after receiving $13.8bn in aid last year.
Fannie Mae has asked the Treasury to provide the latest tranche on or before 30 June.